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Amazon disappointed the market after the bell on Wall Street last night for reporting an unexpected quarterly loss of $7 million raising questions about its ability to generate long-term profits.

In the same three months to the end of June last year the online retailer made a profit of $7 million (£4.5 million). Revenue for the latest quarter was $15.7 billion.

Amazon made no direct reference to the loss in its earnings statement, but the company pointed out that unfavourable changes in foreign exchange rates during the quarter had reduced operating income by $18 million to $79 million.